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BMRN - BioMarin: Short-Term Headwinds But Long-Term Opportunities Remain
BioMarin Pharmaceutical Inc.
2024-05-15 09:55:08 ET
Summary
BioMarin's 1Q24 revenue was $649 million, with a 9% YoY increase, but uncertainty around the commercial prospects of Roctavian has dampened optimism.
The company's core drug portfolio performed as expected, with some drugs exceeding consensus expectations and others falling short.
Voxzogo remains a strong revenue driver, with sales of $153 million in 1Q24, and plans to expand into new indications, potentially significantly expanding the addressable market.
I maintain my bullish view on BMRN stock, but it has become less bullish. My new fair price for BMRN is $112.